Categories Earnings, Technology

MicroVision stock stumbles after reporting Q1 earnings results

MicroVision’s (MVIS) bottom line and topline for Q1 2019 came in line with analysts’ expectations. The company reported a loss of 8 cents per share on revenuve of $1.85 million for the first quarter ended March 31, 2019. On average, analysts had expected MicroVision to post a loss of 8 cents per share on revenue of $1.85 million. MVIS stock, which closed up 15.53% at $1.19 yesterday, plunged about 9% in premarket trading hours.

MicroVision Q1 2019 earnings results

Net loss widened to $8.1 million in the recently ended quarter from $7.1 million in the prior-year quarter. Revenue decreased 15% year-over-year to $1.85 million.

“We remain on track with our business plan and are working to have products in the market in the second half of this year. We expect the development portion of our April 2017 agreement with a leading technology company to be completed in Q2 and we expect orders for production units shortly,” said CEO Perry Mulligan.

Total operating expenses increased to $8.67 million from $7.44 million in the first quarter of 2018. Cash and cash equivalents stood at $6.98 million as of March 31, 2019 compared to $13.77 million at the end of December 31, 2018.

The Redmond, Washington-based tech firm had stated in the recent annual filing that it had incurred substantial losses since inception and expects to incur a significant loss during the fiscal year ending December 31, 2019.

Shares of MicroVision have jumped 97% since the beginning of 2019 and dropped 8% in the past 12 months period.

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top